City lobbyists insist they will continue to sell their preferred option to EU27 countries, hoping to widen cracks between national capitals on the issue with a massive cross-Continent lobbying effort over the coming months. They believe that what they regard as the overwhelming logic of their idea will win through and they can exploit potential divisions among EU countries to make it happen.

The options for the City appear to be shrinking

The European Commission appears to be doubling down on its negotiating position that an eventual trade deal between the U.K. and the EU will not include broad access for financial services.

At a Council technical seminar Tuesday on the subject, the Commission reiterated its analysis that the U.K.’s Brexit red lines preclude a sweetheart deal for the City, according to people present at the meeting. And Reuters reported Wednesday that officials from the EU’s executive have been telling industry representatives from the Square Mile the same thing for weeks.

“We don’t have a Plan B. The reason is because Plan A is a bloody good idea” — Head of government affairs at a bank in London

Brexiteers — who occupy a fringe position in the financial services world — do have a Plan B that they say is more important now than ever to pursue seriously. They advocate making the best out of a no deal by rolling back rules to attract more business.

EU chief Brexit negotiator Michel Barnier’s opening position on Phase 2 of the Brexit talks — which are due to get underway in earnest in April — is that the U.K. is heading for a basic Canada-style trade deal with very limited provisions on selling services cross-border. He set the tone back in December when he said there would be “no place” for financial services in a trade deal. “There is not a single trade agreement that is open to financial services. It doesn’t exist,” he said.

For access beyond that, the Commission says the U.K. would have to rely on the existing “equivalence” framework, where a limited range of services can be sold to EU clients on the basis that the rules on each side are similar enough. In its current iteration, that only allows for around a quarter of the access firms get today via “passporting,” where EU firms can sell services across member countries. What’s more, the equivalence designation can be withdrawn at short notice.

The announcement was a torpedo in the bow of the City’s main lobbying effort, which focused on approaching passporting levels of accessunder the framework of a free-trade agreement on the basis that rules yielded similar outcomes, even if they didn’t look exactly the same. Divergence would be managed by joint supervision and a dispute resolution mechanism.

“We don’t have a Plan B. The reason is because Plan A is a bloody good idea,” said one head of government affairs at a bank in London.

The Brexiteer camp says that’s exactly the problem. Without coming to the negotiating table with a credible Plan B for a no-deal scenario, the government has no believable threat to walk away from the negotiations and so will end up swallowing what the EU offers.

Speaking at a panel hosted by conservative think tank Politeia on Wednesday, Tory MP Bim Afolami said the negotiation process in Brussels “is a highly political process,” which means the U.K. needs to “prepare for the eventuality that the EU really plays hard on financial services.”

“Are we brave enough to say, if you don’t allow us access to markets, we are going to compete aggressively?” he said, by easing up on rules, like the new revised Markets in Financial Instruments Directive, (MiFID II), or bank capital requirements, to “make sure the cost of capital goes down 50 basis points.”

The City isn’t backing down from their Plan A.

“All the usual suspects are pushing [the FTA proposal] as hard as we can,” said the government affairs head.

According to Miles Celic, CEO of lobby group TheCityUK, it has 50 visits across the EU27 planned over the next three months, on the heels of dozens of trips in the last few months.

“Hopefully in making the case for mutual regulatory recognition, people will recognize it is in their interest as well … we will continue to keep making the case and we are optimistic,” he said.

One thing all sides do agree on, though, is that the government needs to make up its mind on what position it will take, and fast.

The hope to exploit fault lines isn’t completely unfounded. Numerous member countries have indicated that they are in favor of the deal allowing for financial services access — they include Italy and Poland, as well as European Free Trade Association member Switzerland. And there are indications that beyond the Commission, there is creative thinking going on about a potential solution.

A proposal, reported by POLITICO, that the U.K. could pay for financial services access as part of a trade deal did not go down well with the industry in London. The fact that EU diplomats were even considering it suggests an openness to ideas among the member countries that would previously have been deemed heretical in Brussels.

One thing all sides do agree on, though, is that the government needs to make up its mind on what position it will take, and fast. The EU says it wants more clarity on London’s preferred option, but the U.K. government revealed recently it did not intend to publish a position paper on the financial services sector.

The industry is still unclear about where the Theresa May’s Cabinet stands. Although some ministers have expressed support for an FTA deal, “that doesn’t amount to a U.K. ask. That amounts to policymakers and officials sounding interested,” said the government affairs head. “There’s a world of difference.”

JEJV

“Brexit is like quantum mechanics: If you think you understand it, you don’t understand it.”

Anyone in the UK who imagines that financial services can be bolted on to a trade deal is misinformed or delusional, and anyone spending resources on attempting to sell such an idea is wasting those resources.

The EU has many existing FTAs. Some of these have so-called “MFN Clauses” which require that if the EU grants unusually broad access in some are to the UK, that same access is automatically granted to EU trading partners whose FTAs contain such “MFN clauses”.

Barnier is not being peverse. The rEU27 has little choice.

“We don’t have a Plan B. The reason is because Plan A is a bloody good idea,”

Oh dear. Someone is about to get “Mugged by Reality”.

Trade in Financial Services implies Single Market & 4 freedoms. No ifs, buts, or “Yeah but no but”s.

Posted on 2/4/18 | 6:24 AM CET

Franco

Plan B is obvious: relocate to the continent.

Posted on 2/4/18 | 7:21 AM CET

wow

@JEJV

Nobody outside of the EU wants access to the EU financial markets as much as they wanted access to London.

This flippy floopy nonsense you all come out with….If afraid all the arguments FOR EU (size etc) as a trade block…work FOR the UK financial services as the UK financial services are massively massively larger than the EU. (size argument).

You can manipulate it all you like but the EU27 is nothing compared to London. In this London has the upper hand. That is why all your fake silly arguments start with… in the future when….fairies rebuild a 14 million population of london in the lowly 770,000 population frankfurt.

There are 2.5 million financial sector workers in London.

Please you sound so silly it hurts.

Posted on 2/4/18 | 7:49 AM CET

Priscilla du Bleu

“London’s financial sector will lobby hard across the Continent for its preferred option of EU market access via a free-trade deal.”

Only one question: cui bono? Why should the EU give away their future own business for free to another country, gaining nothing, losing much?

Posted on 2/4/18 | 8:08 AM CET

Priscilla du Bleu

@wow
“Please you sound so silly it hurts.”

It’s a pity wordpress does not offer signatures 😀 …. would save you a lot of typing if you could simply state all your usual insults in a siggy appearing under any of your postins.

BTW, i am still waiting for your explanation on what parameters your judgement about my professional level is basing …. what in my postings exposes me as a low middlge class webmaster underling as compared to a ‘real programmer’. 😀

Posted on 2/4/18 | 8:15 AM CET

Elena Adaal

Its totally baffling. Why do these financial lobby people come to the EU while they should lobby London.

They have no influence in the EU, their case is already lost in the EU, they should go to places were they have some influence and some cloud. If that is not London, then I suggest they start packing their bags and move to the EU.

Posted on 2/4/18 | 8:15 AM CET

JEJV

@wow
Sorry yer can’t read.
Yer basic argument is the old “They need us more than we need them” cakeism.

Might work down Wetherspoons, but does not address what I wrote.

Brexit means Brexit. You wanted that, right ?

Well, suck it up, snowflake.

Posted on 2/4/18 | 8:36 AM CET

Anthony Chambers

@Elena Adaal: I would not say that the people who organize assembling all the money that refinances your government debts are powerless. Luckily the EU is not serious about closing down access to Wholesale Finance (because it would destroy the EU), just to retail (which can be easily mitigated). When it comes to retail finance regulated by the single market, the trade is completely even between the EU and UK. £2bn in imports and £2bn in exports. The reason the City is confident that it will get this final business included is that firstly it is not an existential risk and second the EU needs it way more than the UK. The UK is so confident that this will happen it has already agreed to roll over EU banks passports to the UK into the post Brexit future. Thus with one simple policy exercise isolating the damage to retail finance and only to EU companies that need that finance.

Posted on 2/4/18 | 9:10 AM CET

Anthony Chambers

BTW. The Brexiteer plan B is actually extremely good. The regulatory cost of MIFID 2 is so ridiculously high that only the banks in the City of London have the technical ability to actually conform to them. Banks in France and Germany have all been given compliance extensions. I think the sooner they could throw that ridiculous legislation in the bin the better. From an insurance point of view, it’s requirements are plainly ridiculous and will if anything lead to a massive financial failure down the line. It is changing the market from ensuring risk is spread wide and thin to limited high density risk pooling, with crazy actuarial models that no one understands and are completely prone to error if the data used is not 100% accurate. The sooner we go back to traditional risk modelling the better.

Posted on 2/4/18 | 9:17 AM CET

Gordon

Juncker has already stated that financial services WILL be part of an agreement.

Posted on 2/4/18 | 9:46 AM CET

trisul

“We don’t have a Plan B. The reason is because Plan A is a bloody good idea”

This is what Cameron called the great British tradition of buccaneering. Private enterprises, with the help of government, are to descend on the EU27 and bribe everyone in sight.

What Could Go Wrong? Have they considered mass revolt and a political backlash in the EU27, as the bribery rolls out?

Posted on 2/4/18 | 9:49 AM CET

GuptaG

Cheap european labour is holding down wages in the UK.
FoM must not be allowed after 29th March 2019.

Posted on 2/4/18 | 9:54 AM CET

Finn

@Anthony Chambers

Oh my,

Name one country that has outsourced its (critical) financial and economic functions to a third country?

Just another Brexit pipe dream.

Only way city will hold on to its status with the EU is for the UK to stay in the EU.

Financial sector is a very nimble industry. Just as London grew, in the ’80s and ’90s, to its present shape, as the bridge-head from which to service the rest of the EU — so it will shrink when that function no longer exists.

As you know, the big players and banks, in London, are not British but foreign owned — and London’s financial eco-system will decamp to the continent when changing regulatory and legal frame work compels them to do so. Brexit is exactly that change agent.

EEA option would only slightly slow down the shift under way.

Posted on 2/4/18 | 10:15 AM CET

Priscilla du Bleu

@Gordon
“Juncker has already stated that financial services WILL be part of an agreement.”

Does not count, since all of you constantly blame him to be a drunkard …… i’d say, jumping on your train of argumentation, that he most likely was completely wasted when he said that.

Now, can you explain to me, why you believe there will be a result based on what this UNELECTED (!!!) drunkard tells the press???

Any other of his statements you like to call a lie ….maybe you would fancy to re-read wow’s, booty’s and dc’s former comments?

LOGIC?

Posted on 2/4/18 | 10:22 AM CET

michale

this is a direct attack on the EU – trying to destroy it…by the UK

if the UK is allowed to cherry pick where to have access to the free market then EU doesn’t make sense anymore. lert’s all dismantle the EU and cherrypick what we like

Posted on 2/4/18 | 10:28 AM CET

Finn

@Gordon

Quote. “Juncker has already stated that financial services WILL be part of an agreement.” End quote.

Sure. Canada has a financial services chapter with the EU (CETA).

It is all about the scope of such a deal. See my reply to Anthony above.

Posted on 2/4/18 | 10:35 AM CET

Priscilla du Bleu

@GuptaG
“Cheap european labour is holding down wages in the UK.
FoM must not be allowed after 29th March 2019.”

The NHS is already facing an increased shortage of nurses and doctors (continentals are leaving / have already left), the british farming industry is already deploring the fruitpickers are no longer available.

1. Why are they still facing shortages despite brits being on dole / unemployed? The foreigners are gone, the brits can take over. Why don’t they?

2. The farmers and the NHS now can pick between having no staff or better paid staff. Did they increase the wages?
2.1. If yes, why still not enough workers?
2.2. If no: why did they not?

Now please explain …..

Posted on 2/4/18 | 10:35 AM CET

lac dirk

Exploiting fault lines is counterproductive since unanimity is required to get anywhere. By sowing discord, the options on the table will actually diminish further.

““Are we brave enough to say, if you don’t allow us access to markets, we are going to compete aggressively?” he said, by easing up on rules, like the new revised Markets in Financial Instruments Directive, (MiFID II), or bank capital requirements, to “make sure the cost of capital goes down 50 basis points.””

This makes sense if Brexit were a hit to the City and naught else. In reality, the City will be one of the less damaged aspects of the UK economy. The self-inflicted damage will put both British industry and British politics into a precarious position. The idea that the great and good will be increasing risk-taking by the financial sector at that point is rather crazy.

Right now the UK government spends some 60 billion per year in interests on its debt, about 8% of its yearly income. With revenue bound to fall, and demands on spending bound to increase, the deficit and the interest rate will undoubtedly increase rapidly. This could easily precipitate another sovereign debt crisis, one which is fairly certain to spread beyond the UK, at least to some degree. The last thing the financial sector will be getting is easier capital requirements.

Posted on 2/4/18 | 10:49 AM CET

lac dirk

@wow “There are 2.5 million financial sector workers in London.”

Risible. In the whole of the UK there are only 2 million. In London there are about 350,000 people working in the financial sector. Ile de France (the Paris agglomeration) has 800,000 directly employed in the financial sector. It’s not hard to replace London. 80% of EU28 banking activity was already in the EU27. There are only a few niche products where London is dominant, but those employ only a few thousand.

Posted on 2/4/18 | 10:57 AM CET

Just an EU guy

It looks a bit messy on UK side, doesn’t it?
*yawn*

Posted on 2/4/18 | 11:17 AM CET

xyc

“In its current iteration, that only allows for around a quarter of the access firms get today via “passporting,” where EU firms can sell services across member countries.”

Mmmh, where does that leave Anthony Chambers and Dee’s repeated assertions that passporting is only worth 2 billion in trade and not worth pursuing SM access for? With UK exporting about 100 billion in services to the EU, 25 billion of which financial, 2 billion/25 billion would be 8%, however the assertion here is 75%, ie around 19 billions annually.
The single market has moved away from acception equivalence across its members since 2010 as a result of the financial crisis, and moved to an harmonised rulebook. Don’t see why some keep expecting that the UK should get equivalence accepted where SM members don’t.

Posted on 2/4/18 | 11:35 AM CET

TY

Anyone noticed that none of the banks are in panic…. london has about 515 banks, Most domestic giants have significant entities in the EU already….others are London subsidiaries of EU banks so no real change, then you have the international subsidiaries of asian and middle east banks…they are in london for a reason and have no need of EU exposure….So essentially we are talking about a couple of US banks and Lloyds of London insurance. As for business at risk…euroclearing…well it is low margin transactional work. better to have it in one place, but it is no real loss….and shipping insurance…not really not unless you are going to change the flags on the back of the ships (that will require the EU top rethink its approach to overseas tax efficient locations)….it is really noise, bankers will always find a way.

Posted on 2/4/18 | 11:56 AM CET

EUhoo

Brexiteers think the sheer mass of London financial services justifies being an exception to FoM, ECJ supervision and budget contributions. Another argument is that if EU wants to sell goods it needs to accept services, or else they’ll “thrive” on WTO.

From an EU perspective that amounts to becoming a rule-taker from UK (“owning” EU financial market *WITHOUT* supervision) and would break the Single Market and possibly even the EU. It’s like UK asking EU to kill itself for UK’s own convenience.

As for the WTO argument, the Brexiteers might as well go explain the Nissan Sunderland 7000 workers, Airbus wings factory works, and other UK workers in intermediate supply chains why the need to lose their jobs for the pride of the nation.

So either EU destroys itself by opening a major exception to UK which
1) would provide financial services to most or all of the 65 countries that EU has FTAs with
2) convince EU members to abandon the Single Market if an FTA gives them the same benefit with much less responsibilities

or UK will damage its own economy further on purpose by destroying jobs in intermediate supply chains and goods import/export for the sake of “punishing” the EU by going WTO!

If UK was reasonable, they’d understand CETA as-is as reasonable, both sides keeping their sovereignty. They wouldn’t expect to demand financial services access from US, China or Japan, right?

The EU should establish a deadline after which if no decision is made then WTO is assumed and focus should change to non-trade agreements, namely medical, aviation and terrorism. Else if the Tories keep stalling and Corbyn keeps mute there won’t be flights to/from UK, nor access to radioactive material for cancer treatments.

Posted on 2/4/18 | 12:12 PM CET

coranto

After Brexit, the only difference between Canada and the UK will be that Canada is a bit farther away, geographically.

Barring some infantile fantasies of being superior and irreplaceable, which seem to be held by some of the blunter tools in the UK shed, what reason is there again for the UK to have a deal with the EU that is *much* more favorable than the one Canada has?

Posted on 2/4/18 | 12:19 PM CET

Peter2

If City do want to sell financial services within EU. It is possible by relocating to Frankfurt or Paris or Dublin for instance. But still playing under Mifid II rules. If London City would like to play with different rule set. The affiliates within EU can be at risk. I wouldn’t call it a win-win situation.

Secondly after next election, if Labour wins, I don’t believe you have a very pro-City government. So there might not be a Plan B…

Posted on 2/4/18 | 12:22 PM CET

Guy

Let the city sink. All its given us is a massive asset price bubble .
It puts all its money in mortgages and property and as for real business it ain’t interested.
Why isn’t the city’s money being used to build the infrastructure this country needs ?
Why is that European cash steps in instead .
The city could massively invest in UK power networks – it’s doesn’t. …we leave that to french and German corporates ( witness new power cable being built allowing UK to import German electricity ) , why doesn’t the city invest in the rail and road networks like the Germans do ? Most of the uk rail franchise’s are European owned and the profits are sent back to Europe to pay European pension’s .why is that foreign capital buys and takes over UK firms ( like jaguar etc ) when we’ve the city of London with all its wealth? ??
Conclusion – the city of London is only ever interested in its own profits and as far as any investment in the UK goes it’s only so as to prop up UK housing costs in the form of an ever growing supply of mortgage’s.
Let the city burn – hopefully there will be no trade deal and the city will go broke – yes folks fk the city , it does nothing for the average UK citizen… Just let the average school leaver try getting a job in it – it doesn’t happen.

Posted on 2/4/18 | 2:03 PM CET

Douglas

Priscilla du Bleu
“BTW, i am still waiting for your explanation on what parameters your judgement about my professional level is basing …. what in my postings exposes me as a low middlge class webmaster underling as compared to a ‘real programmer’. ”

Oh that’s an easy one Priscilla. It’s because you insist, on an anonymous Internet forum, that you are otherwise. In any case, if you are either , so what? Many of us have learnt programming in various languages to achieve our goals. Much like writing reports, yes it’s a skill, but it isn’t the really the important thing.

Posted on 2/4/18 | 2:10 PM CET

Peter G

Are we brave enough? Wow that’s stupid! So Britain’s threat to the EU is that if the EU does not allow Britain free and unrestricted access to their critical financial sector with only British regulatory oversight they are going to do what? Relax or eliminate regulations to make it easier for the next scandal to take place? What is Britain going to do? Bomb the EU with tranches of grade z collaterilized mortgages? That’s what you are going to do? Send Kamikazi brokers to attack? No kidding there is no Plan B. If that’s the plan then Europe would have every right to keep unsupervised financial yahoos out of thei markets.

Posted on 2/4/18 | 2:56 PM CET

Priscilla du Bleu

@Douglas

Amazing. Yet another poster who, in his very first comment ever, picks on me :-D. I should request a payrise from politico. 😀

And yet another one too dumb to apprehend the issue in question: which happens to be, that the user wow made a claim for which he cannot provide any proof.

It was never about the (un-)importance of webmastering versus real programming …. it was always about making claims versus providing proof. And the user wow claims that i am ‘only’ the one, not the other. And i ask him: what are the parameters for discerning the one from the other, based on my postings here ….. since so far, he appears to have failed registering himself in a hackerboard i am an admin of …. but maybe you little smartie would like to give it a try? Awaiting your registration ….. in hackerz . org.

But then, the user wow stated to aptly in another posting ´that he was wrong, again, and he isn’t the brightest of the bunch …. explains it all, really, doesn’t it?

Poor unbright laddie ….

Posted on 2/4/18 | 3:20 PM CET

tony

Guy said

“Conclusion – the city of London is only ever interested in its own profits and as far as any investment in the UK goes it’s only so as to prop up UK housing costs in the form of an ever growing supply of mortgage’s.
Let the city burn – hopefully there will be no trade deal and the city will go broke – yes folks fk the city , it does nothing for the average UK citizen… Just let the average school leaver try getting a job in it – it doesn’t happen.”

Well said. This hero worship of the City beats me. They cost many hundreds of billions to bail out a few years ago and continually put up two fingers to the electorate with their sordid pay levels and even more sordid deals that favour the elite.

They have also wrought havoc in the wider country where for example city money flows into purchasing holiday homes here in the South west.

Prices are wildly distorted, young people can’t get on the housing ladder and villages are denuded of the very people that make it a village, from shops to those sitting on committees organising village events.

To make matters worse the rich bring their own food and drink from home-rather than use local facilities and monopolise scarce parking whilst helping to employ people on the minimum wage in cafes, who need to rely on state benefits.

Good riddance to them

Posted on 2/4/18 | 3:21 PM CET

Jens Andersson

@tony

Brexit in brief then means: the revenge of the country by destroying the much hated City, well knowing that services will not be a part of any trade deal. There also will be no replacement for the income generated by The City.

It does not matter that one cuts off the branch one is sitting on, as long as it hurts the other, own damage and pain is highly welcome.

Thank you for the insight in brexiter thinking.

Posted on 2/4/18 | 3:32 PM CET

Peter G

I don’t think you understand this stuff Ty. Either the EU market for these services is valuable or it isn’t. Post Brexit British firms will be like those of any other Non-EU country. If they wish to operate there they will have to comply with EU oversight and regulations. Which is why financial firms have subsidiaries. The people in the business seem to disagree with you. They know that much of this business will have to done within the EU. And that means moving jobs there. The comment by JEJV is completely accurate. Passporting ends with Brexit. The comment by Wow demonstrates the fuzzy thinking. He presents it as either/or, access to the City or access to the EU. Nope. Any foreign firms wishing to access most of those markets will have to be based there.

Posted on 2/4/18 | 3:33 PM CET

YellowSubmarine

I would imagine this is just about the last time we shall see this type of article as reality becomes too obvious even for politico scribblers.

The UK banks will get a deal, this is essentially nailed on now and has been intimated by many ministers and leaders around EU including Juncker.

The fact there is no Plan B is a non argument as the action required, if no deal is arranged, is obvious. Brussels know this and have already accused UK of turning into a Singapore type economy off the cost of Europe.

IN fact they have gone further and have said the EU fears international rules are inadequate for post-Brexit Britain and is weighing new methods to crack down if the UK adopts ‘unfair’ practices to boost its economy.

A seminar to diplomats from the 27 remaining member states, which was devoted to how to maintain a “level playing field” after Britain leaves the bloc’s single market.

“International rules do not adequately address the (potential) distortive effects of subsidies on investment, trade and competition,” said a presentation to the diplomats by the European Commission, the EU’s executive arm.

This means “the EU-UK agreement will have to include robust provisions on state aid to ensure a level-playing field with the member states,” it added. Concern is high among the EU 27 that London will use its divorce from the bloc to unfairly attract international investment by slashing tax and regulations, this will include changes to bank rules.

So there is a Plan B and the world and his dog knows about it. The main concern in EU is not that they will steal all the jobs from UK but they will be left standing in the dust as UK powers ahead and leaves EU standing.

And this is why the UK will get a deal, because without it there can be no attempt to regulate London and slow it down to EU pace.

EU’s worst nightmare is a No Deal and UK walking away from EU regulators.

Posted on 2/4/18 | 3:38 PM CET

georgi 4542354

GE0RG1 …LOOKS LIKE ITALIAN ELECTIONS ARE GOING TO BE MANIPULATED TO KEEP EU SOMEHOW EXISTING , EVEN CLOSED ECONOMIST COMMENTS TODAY FOR COMPLETE VOICE SILENCE. OBSERVE FOR INCIDENTS IN ITALY , SPAIN , PORTUGAL , GREECE AS TARGET 2 DIFFICULT DEBT HOLDERS OF GERMANY. PUBLIC ATTENTION ON CATASTROPHES , POLITICIAN FAMILY INCIDENTS TO PRESERVE DEMOCRACY. THINK WAH MENTIONED COUNTRIES DEBT BECOMES WITH TARGET 2 DEBTS , MAINLY FROM GERMANY 0.91 TRILLIONS TO SUBSTITUTE LEAVING DEPOSITS. BIG NON GUARANTEED DEPOSITS IN IT , ES ,PT, GR , DE WILL LEAVE NOT PAY THE LOSS OF REFINANCING EXPENSIVELY BANKS. ONLY DEMOCRATIC NEW GOVERNMENTS IN DE , IT , ES CAN WIN BACK THE TRUST AND RETURN DEPOSITS IN BANKS FINANCED BY TARGET 2 , NOT CATASTROPHES AND FEAR IN GOVERNMENTS. IT IS PROBLEMATIC AS LEAVING EURO ZONE IS WINING IDEA , THAT HAS TO BE SMASHED SOMEHOW AND 5 STARS TO LOSE ELECTIONS AS DE , FR WISH PROBABLY. GERMANY SIMILAR TO FRANCE MAY PUT ALL POLITICAL SYSTEM BEHIND SINGLE GOVERNMENT VS THE POPULISTS TO STEAL SOME TIME BEFORE END OF EU. WITH HIGH DEBT IN EU AND USA, SIMILAR TO SERBIA SOME STATES CAN SEPARATE WITHOUT THE HUGE SOVEREIGN DEBT BURDEN , SEE CATALONIA AND SOMEHOW ITALY PROVINCES. HIGH SOVEREIGN DEBT IS HUGE RISK FOR UNIONS AS EU , USA TO STAY TOGETHER. COUNTRIES WITH OWN CURRENCY , ALSO COME BACK TO GROWTH AFTER SOVEREIGN DEBT DEFAULT YOU MAY CHECK FOR ESTABLISH FACT. SO IN EARLY MARCH ELECTIONS , ITALY WILL PROBABLY LEAVE EUROZONE TO ACHIEVE ECONOMIC GROWTH , NOT TO SUFFER 10 YEARS AS GREECE. SO EU , USA MAY GAIN LESS DEBT AND OWN CURRENCY IF FALL APART AND KEEP ECONOMIC GROWTH IN COMING SECULAR RECESSION THAT MAKES POPULATION SKEPTICAL FOR ECONOMY OF UNIONS IN GALLUP SURVEY. AS ONE ARGENTINA FINANCIAL MINSTER SAYS IF YOU LEAVE ONE DOOR OF STABLE OPEN ALL HORSES ARE OUT MORNING. POLITICAL SYSTEMS GAMBLE IN USA EU , FR DE UK IT ES PUT COMPLETE POLITICAL SYSTEM VS POPULISTS AS NOBODY TRUST THE GOVERNMENTS TODAY SIMILAR TO JOHN LAW A FRENCH FINANCE MINISTER THAT CLAIMED THAT HIS COMPANY CONNECTED WITH THE COUNTRY HAS BUILD HUGE PROJECT IN THE FIELDS OF MISSISSIPPI , YELLEN , TRUMP, DRAGHI , JUNCKER BLUFF THERE IS VERY STRONG GROWTH IN US , EU. When revealed that there are no projects in Mississippi , John Law escapes from France where the share bubble ends. Many finance minsters in Europe had similar sad destiny, do you remember also how Ceausescu run and Milosevic was hidden in a kindergarden. the political situation in usa and eu is that many presidents and ministers , central banker are determined to be the worst ever. This is true for USA president and Yellen fed head from cnbc survey as the lowest grade chairman. The French president approval declined at lowest place compared to all recent presidents , with similar situation in UK , Germany , Italy Spain, ECB , EC. Many of them stay to be blamed when deposit rationing is imposed in EU and the share bubble ends in USA to steal your deposits and savings reciprocally in EU and USA. Many politicians are supported by several political parties that puts the complete current political systems against populists as in France example. wiki Populism is a mode of political communication that is based on contrasts between the “common man” or “the people” and a real or imagined group of “privileged elites”, traditionally scapegoating or making a folk devil of the latter. Populists can fall anywhere on the traditional left–right political spectrum of politics, and often portray both bourgeois capitalists and socialist organizers as unfairly dominating the political sphere. Populism is most common in democratic nations. Political scientist Cas Mudde wrote that ” that populism is inherent to representative democracy; after all, do populists not juxtapose ‘the pure people’ against ‘ corrupt elite. I DO NOT HAVE COPY RIGHTS SO DISTRIBUTE IN EU ON LINE EDITIONS CAREFULLY.
–
GE0RG1. . . MERKEL RUNS FROM RESPONSIBILITY FOR NOW AS THERE IS DEBT OF SOME 1 TRILLION DOLLARS AUSTRIA CANNOT SERVICE WELL INVESTED MAINLY IN CEE, ALSO SOME 0.91 TRILLIONS TARGET 2 GIVEN TO OTHER EU COUNTRIES TO SUBSTITUTE LEAVING DEPOSITS DIFFICULT TO COLLECT BACK , AS WELL AS GERMANY BANKS LOST A LOT OF DEPOSITS THAT THE NEXT GOVERNMENT HAS TO ADMIT TOGETHER WITH A LOT OF ILLEGALLY PRINTED MONEY BY ECB THAT LEAD TO HYPERINFLATION SPIRAL. WHY SCHAUBLE WENT IN THE PARLIAMENT FOR IMMUNITY? No one else will buy recklessly junk bonds to collect them with force so EU will fall apart without Merkel , so the circles behind her push her strongly to be premier to keep their share bubble and wealth and all others run away to support her or take responsibility of reckless investments and loans she is so confused and greedy that may expect even I to pay them. Check Target 2 data these days for last month as I describe, I suppose they may be cheated by ECB fear of happening deposit run. Deposits leaving EU banks , rationing is coming in EU. USA may steal them ,so diversify. See how EUR declines 20 % close to currency crisis 25 % and ECB bluffs with interventions these days. Catalonia banks move their headquarters and may very soon impose deposit rationing. Then all EU will expect deposit rationing for them and deposits will leave. Bundesbank’s TARGET2 claims increase a lot to some 0.91 trillions at end 2017 according to monthly updated by them website where you can also see time series as Germany should not be able to provide much more means for mainly Spain , Italy but also Portugal , Greece banks in trouble to cover for their non reversible process of leaving deposits you may find on line. There will be soon deposit rationing in EU as the ECB bluff for growth and election changes in France , Germany does not work. . . . Require deposit rationing from Draghi as his friends will try to take complete deposits out and the loss of banks and costs for refinancing leaving deposits will be paid by you. There are some trillion loss for some trillion deposits left and most Europeans realize such connection as they move deposits ..See low prices of banks in EU as proof for trillions of assets. Main loss is coming from bad loans in eastern Europe some of the greatest in the world and bad prospects for growth in EU due to high government debts and wage rigidities. Follow Austrian banks telecoms as EU tries to sell lemons first. Greek banks are bankrupted with assets in Eastern Europe , Austrian banks work in the same region and their banks and telecoms data may be cheated . Follow also for illegal activities as money washing Austrian banks and telecoms. Follow EBRD condition , competence and fund mismanagement as well as all funds that cover eu sovereign bonds. Yellena may steal EU deposits. Ask them until when they will endanger the health of my family for the facts I reveal that endangers their financial markets forever. My family was moderately poisoned these days to scare me not to write here. I DO NOT HAVE COPY RIGHTS SO DISTRIBUTE IN EU ON LINE EDITIONS CAREFULLY.

Posted on 2/4/18 | 3:45 PM CET

georgi 4542354

GE0RG1 . .TO CREATE A CRASH NOT BUBBLE BY FED , ECB , UK WITH ILLEGALLY PRINTING MONEY LATELY. BUBBLE IS LIKE HIGH SPEED TRAIN , ONE CAN GET DOWN SAFELY, BUT IF STAYS FOR VERY HIGH SPEED , THERE IS RISK FROM CRASH. 150 % FOR 2Y INCREASE, HIGH PE RATIO. ACCELERATION OF PRICE , THIS IS SOME 90% CHANCE CRASH , EXPECTED IN 6 MONTHS IN BUBBLES FOR FAMA HARVARD 2017 RESEARCH OF USA AND WORLD BUBBLES IN INDUSTRIES FROM 1929 TO NOW SO COMPARE FAANG. STILL THIS IS NOT REAL BUBBLE AS TWO ACCELERATING YEAR PRICE INCREASE IS NEEDED , THERE IS NO IRRATIONAL EXUBERANCE, THE TURNOVER IS DECREASED NOT INCREASED. SO RICH HOLD SOME 95 % OF SHARES AND THERE IS NO TURNOVER TO SELL TO MIDDLE CLASS BEFORE 50 % INDEX DECLINE CRASH EXPECTED IN 6 MONTHS. DEVIATE FROM ILLEGAL BUYBACK COLLISION AS COMPANY DEBT IS HUGE AND SELL YOUR SHARES NOW. THE PUBLIC WILL NOT BUY SHARES SO ONLY SOME OF THE COLLISION WILL BE CHEATED FOR BIG MONEY IN THE BUBBLE AS IN 2009 CRISIS. SOME OF THE COLLISION , CREATED TO BUY SHARES FOR MANIPULATING PRICES LAST YEARS , STARTED TO SELL THEIR SHARES NOW . FOLLOW SOME OF INVESTORS OR MANAGERS NOT TO END IN HOSPITAL OR BE PUNISHED MORE SEVERELY BY FED ECB AND OTHER COLLISION MEMBERS . Following Jeremy Grantham IRRATIONAL EXUBERANCE LOOKS LIKE BUBBLE BY 1.2 SHARE INCREASE IN YEAR ONE , NEED 1.3 YEAR TWO OR 2018 SHARE INCREASE TO OVERCOME 1.3 YEAR ONE DECLINE RISK , 1.5 YEAR 2 DECLINE RISK OBSERVED IN LAST TWO USA BUBBLES. SO NEED 1.3 OR MORE SHARE INCREASE IN 2018 BUT FROM IRRATIONAL EXUBERANCE OF THE PUBLIC NOT IMITATED WITH ILLEGAL PRINTING OF MONEY. FED PRINTS ILLEGALLY MONEY AND GAMBLES WITH THEM IN VAIN ON STOCK EXCHANGE THAT IS LOSS , NOT PROFIT AND IN THE END SOME OF COLLISION WILL BE CHEATED. MUNITIONS ARE OVER WITH SOME 7 TRILLIONS SPENT ON BUYBACK IN VEIN , SO RISK IS HIGH FOR INDEBTED COMPANIES TO BANKRUPT LEAVE EMPLOYEES ON STREET , AND MANAGERS KILL THEMSELVES AS IN 1029 CLASSIC WITH 50 % SHARES EXPECTED DECLINE . SHARES BOUGHT WITH PRINTED MONEY ARE NOT SOLD TO PUBLIC BUT RETAINED. NO MUNITIONS FOR 1.3 INCREASE IN 2018 , ONLY FED , ECB BLUFF AS USD WILL DECLINE IN CURRENCY CRISIS FAST AND INFLATION IN US , EU , UK INCREASE. COMPANIES WILL RISK A LOT WITH NEW TRILLION BUYBACK IN 2018 TO INCREASE THEIR DEBT. AS BEAR THAT ONCE TASTE MEAT IS MAN EATER, COMPANIES WILL EXPECT PRINTED MONEY THAT CANNOT BE PRINTED WITHOUT STRONG INFLATION. IN 2017 BUYBACK DOES NOT MOVE SP 500 UP AS SP 500 BUYBACK INDEX DO NOT INCREASE FASTER. HIGHER BONDS YIELDS DUE TO INFLATION MAKES SHARES LESS ATTRACTIVE. FED LAST BLUFF IS NEARLY OVER EXPLAINED WITH FAANG LOTTERY AND ILLEGALLY PRINTING MONEY THAT WILL PUT THE DOLLAR DOWN. TO BE SUCCESSFUL A BUBBLE ORGANIZED IN COLLISION THE SHARES SHOULD BE SOLD TO MIDDLE CLASS OR FOREIGNERS WHEN THE PRICES HAVE A LOT OF POSSIBILITY TO INCREASE. OTHERWISE A GAMBLE OF HALF MONEY VS 10 % INCREASE IS A LOTTERY NOT GOOD CHEATING BUBBLE. FED PRINTED ILLEGALLY A LOT OF MONEY AND NEARLY SPENT THEIR CURRENCY RESERVES. FOR THIS REASON THE GREED ON THE MARKETS DECLINES EXTREMELY FAST. For the last 2 months FED made a last attempt to bluff by printing illegally money and donating them to the commercial banks to invest in shares for a bubble , simultaneously intervening on the dollar market with commercial banks and FED currency reserves to keep the dollar nearly stable. All central banks in the world understood and returned currency reserves that puts the dollar vs the stock exchange. Before the last two months there was increase in New York Composite index for NYSE of some 10 % from the beginning of the year 2017 reciprocal to some 10 % decline of dollar ,so there is no profit in local or foreign currencies while foreigners move a lot of capital in and out of USA , and THE SECOND ELEMENT IS SOME INCREASE IN NASDAQ FROM FAANG MAINLY FOR 1 OR 2 TRILLIONS THAT SETS TEN AND MORE TIME HIGHER PE RATIOS FOR COMPANIES AS AMAZON AND NETFLIX. THIS IS NOT TULIP FROM TULIP MANIA SOMEONE TO GAMBLE WITH SMALL AMOUNT RISKING TIMES OF DECLINE VS SMALL CHANCE FOR PROFIT, NOBODY PUTS A LOT OF MONEY IN SUCH A GAMBLE , BUT ONLY MANIPULATE STOCK INDEXES. The USA banks got some bail out in advance with fed illegally printed money . This bubble was obviously not stable and doomed after some 3 years lost without growth of NYSE and some 7 trillions buyback wasted by organized as crime companies in USA for an illegal collision bubble. The situation is similar for EU and ECB , probably UK. ECB bluffed growth as fake correlated news for stock exchange increase and retaining leaving deposits. FED , ECB munitions for printing illegally money and currency reserves for interventions are ending soon as the bubble of shares and there is no more room for bluffing. Trump impeachment and Russian case is just a theater to destruct you from the real economic fundamental facts.

GE0RG1. ON FED , US BANKS , FAANG , STOCK MARKET LOTTERY . . 150 % FOR 2Y INCREASE, HIGH PE RATIO. ACCELERATION OF PRICE IS SOME 90% CRASH , EXPECTED IN 6 MONTHS IN BUBBLES FOR FAMA HARVARD 2017 RESEARCH OF USA AND WORLD BUBBLES IN INDUSTRIES FROM 1929 TO NOW SO COMPARE FAANG. IF FED TRIES TO PRINT MONEY TO CREATE IRRATIONAL EXUBERANCE . . .MAIN STOCK EXCHANGE INDEXES IN USA LOOK MANIPULATED BY CONSTANTLY ADDED MONEY AS THOUGH SOME SHARES PRICES MOVE TO DETERMINE THE WHOLE INDEX DYNAMICS. AS THOUGH SOMEONE PLANS THE FINAL POINT IN TIME AND THERE IS NO VARIATION. ALL SHOCKS ARE HANDLED BY FED TO CREATE IRRATIONAL EXUBERANCE IN INVESTORS. Still after some 7 trillion buyback , rich hold nearly all shares they try to sell you before the next secular recession in usa and market decline and assume the loss , the level of households that markets as of now and profit from it for the rich. For 10 %decline of dollar in 2017 as some currency index there is the same increase in nyse composite index. For liquid asset as shares with a lot of capital movement it is normal the price and currency exchange to move 1 for 1. Some shares in sp 500 however increase more as faang mainly over the currency decline. There to be irrational exuberance one must believe that others accept their high price for fair. It is difficult to accept the faang pe ratios a fair especially amazon and netflix by 247 and 223. Behind these companies basically there is one recommendation algorithm or some other algorithm in distributes code for hadoop. Algorithms soon will turn into what internet become in 2000 market markets as of now and profit from it for the rich. For 10 %decline of dollar in 2017 as some currency index there is the same increase in nyse composite index. For liquid asset as shares with a lot of capital movement it is normal the price and currency exchange to move 1 for 1. Some shares in sp 500 however increase more as faang mainly over the currency decline. There to be irrational exuberance one must believe that others accept their high price for fair. It is difficult to accept the faang pe ratios a fair especially amazon and netflix by 247 and 223. Behind these companies basically there is one recommendation algorithm or some other algorithm in distributes code for hadoop. Algorithms soon will turn into what internet become in 2000 market crisis. They acquired as much clients as they could for now and utilize their data as much as they can so there is no huge space for improvement for increase in profits. The businesses can be replicated for this capitalization easily with cheap computers for hadoop. Facebook may utilize some more data , but they have to change the rules set by customers. China, Russian have their own search engine and social media for security reasons so the market is quite satisfied and utilized at this stage. Ask Apple and Microsoft if their operating systems have backdoors as closed OS ? Do they respect privacy of clients and do they cooperate illegally with intelligences in us , eu? Check apple phones market share dynamics in usa and other regions ..ASK USA AND EU OFFICIALS AND APPLE , AMAZON, FACEBOOK , MICROSOFT, GOOGLE IN THE FORM A NETWORL WITH USA , EU , UK INTELLIGENCE. TODAY ONE SHOULD TRUST ONLY OPEN SOFTWARE AS CLOSED OS , ENCRYPTION ALGORITHMS NAVE BACKDOORS BY DESIGN , SO UBUNTU OS, MAYBE BROWSER VPN MAY KEEP YOU SAFE AS SNOWDEN SUGGESTS. WHY IN GOOGLE TRENDS THE TERMS GOOGLE , FACEBOOK , COURSERA DECLINE OVER LAST YEARS , ASK THE COMPANIES FOR THE DECLINE AND PARTICIAPTION IN A BUBBLE CONNECTION IF THERE IS ELEMENT OF A LEMON.

Posted on 2/4/18 | 3:46 PM CET

tony

Jens said

“It does not matter that one cuts off the branch one is sitting on, as long as it hurts the other, own damage and pain is highly welcome.

Thank you for the insight in brexiter thinking.”

Of course we don’t want to destroy the city, just rein it in and make it more responsible not only in their own internal dealings but with those of the wider country. They are out of control and think they are still masters of the Universe.

Of course we want a good deal for services. Why on earth do you think we want to destroy the city to get revenge? We want a bit more responsibility and none of the shady dealings which favour the elites and oligarchs.

Posted on 2/4/18 | 4:26 PM CET

Priscilla du Bleu

@GuptaG
“You complain that people make fun of you ?”

Uhmmmm … nope, i do not show me one posting where i actually ‘complan’!

Since you appear too dumb for reading, i repeat: i do not complain, not even about those trolling me with their insults (which do not hurt, because the likes of you are way beyond my level, you simply cannot insult me – by default). Complain i do about persons or things that really bother me, neither you nor your xenophobic lowlife ilk are important enough. Again, you flatter yourself with – de facto non-existing – importance.

This free of charge lesson for you is courtesy from a spoiled, arrogant british upperclass brat :-D. And i won’t be gone after brexit, i will remain forever ….

Not my first comment by a long chalk, just the first you’ve noticed. 😉

Posted on 2/4/18 | 4:36 PM CET

Jens Andersson

@tony
Of course we don’t want to destroy the city, just rein it in and make it more responsible not only in their own internal dealings but with those of the wider country. They are out of control and think they are still masters of the Universe.

Again, aha. Still, you leave me puzzled.

You really think that The City, not having cared for decades about the rest of the UK, all of a sudden after Brexit will start to care about the rest of the country because you hope for it? Really? The City will be worse off after Brexit, and the very last thing it will do ís start caring about anybody else. They will consider themselves the worse off masters of the Universe and start competing like hell against the EU in order to regain their former position. How do they achieve this by caring for the remote areas of their country?

i herewith predict that the rift between The City and the rest of the country will even be deeper and wider.

I am really keen on getting your point – but do not see how you think this will be achieved. wishful thinking in your side.

Posted on 2/4/18 | 4:39 PM CET

Priscilla du Bleu

@Douglas
“@Priscilla du Bleu

Not my first comment by a long chalk, just the first you’ve noticed.”

Not surprising, given your lack of importance to me. In general i only tend to remember intelligent posters..

Posted on 2/4/18 | 4:42 PM CET

Priscilla du Bleu

@Amal: actually i have plenty of friends, they’re all like me. Arrogant, spolied british upperclass brats :-D.

Posted on 2/4/18 | 5:13 PM CET

tony

Jens

The city know they are very very important. I would like to see them as an important part of the economy but not one that dominates it and therefore causes it to believe it can do what it wants.

Hopefully Brexit will help to rebalance our economy, increase the importance of manufacturing and agriculture and ensure that services -especially dubious financial deals enriching mainly the city dealers- are not the overpowering force they are today

Posted on 2/4/18 | 6:09 PM CET

Douglas

@Priscilla du Bleu

How is that superiority thing working out for you?

Posted on 2/4/18 | 6:44 PM CET

EUhoo

If EU financial services are not vital to the City then let’s do CETA and avoid impacting the other industries both in UK and EU. If they are vital then don’t waste your time lobbying the EU and lobby your own government instead!

The UK workers in Airbus, Nissan and other intermediate supply chains will be thankful if their jobs aren’t destroyed just to spite the EU falling back to WTO rules. You do realize it’s easier for a Single Market of 27 European countries to recover from that?

Posted on 2/4/18 | 7:01 PM CET

EUhoo

@BoredwiththeEU

This is a nothing burger

Posted on 2/4/18 | 7:19 PM CET

Peter G

Sure Gupta that’s the ticket. Barnier gets his negotiating marching orders from the Land of Fervid Brexit Dreams. Somehow I think not. But let’s leave that aside and explore your starting statement that Europe enjoys a large comparative advantage because of lower labor costs. That’s a good thing for Europe right? I mean they can’t help but kick you economic butt if that’s true. Unless the pound crashes to compensate.

Posted on 2/4/18 | 8:17 PM CET

edel

As much I would like the UK had kept within the EU and help or even lead it, I am not a supporter of a transition period; this is the 2 years’ transition period.

What both sides are doing more than nothing is just talking to their local constituencies, not among themselves. The real negotiations have not even started and probably will be left for that 2nd transition period.

The real reason for that transition is that in one side we have May, that is struggling to survive and definitely does not want the actual brexit until right before next elections; that way she can sell she delivered but the repercussions of brexit have not been felt yet. On the other, we have the EU that still dream that UK may decide to reverse its course, so it just wants to give it time.

Posted on 2/4/18 | 8:36 PM CET

EUhoo

@GuptaG

It’s true Juncker said that finantial services are in scope… just they were for CETA! 😀

The scope under an FTA is so risible that several articles state it’s not much more than under WTO, especially with EU moving away from equivalence. And May and her Cabinet knew that, and that’s why they keep begging for a plus-plus-plus!

Do your research, it’ll prove me right.

Posted on 2/4/18 | 8:43 PM CET

Andy

tpk

@tony
“Hopefully Brexit will help to rebalance our economy, increase the importance of manufacturing and agriculture and ensure that services -especially dubious financial deals enriching mainly the city dealers- are not the overpowering force they are today”

Puh, but all signs point in the direction that you will achieve the opposite with Brexit. A Rees Moog Brexit should weaken your manufacturers, weaken the City and might lead to a race to the bottom scenario. Where do you expect the rebalancing to come from? And even if the economic backslash is not to bad, there seem to be zero tendencies for change within UK at the moment. Rather the opposite. You put all energy in blaming and getting ridd of EU, which seems the least reason for any of your problems. And after Brexit all energy will go into doing FTAs, trying to keep economy alive. You think there will be energy left to think about remodelling UK?

Posted on 2/4/18 | 9:21 PM CET

deirdre

two reasons why the city became huge.
1. english language
2. member of EU
…now start thinking pretties…
1. easily done
2. byebye

Posted on 2/4/18 | 9:53 PM CET

Elena Adaal

@yellowsubmarine

In your post you mentioned actions that the EU is contemplating to ensure that the UK will not become a Singapore-style nation, and will not stimulate their industries unfairly. You assessed that this would mean that the UK banks would get a good deal.

I see it differently: My take is that the EU is able to call the shots, and it will play out its cards. So that means that the EU can offer an FTA without financial services, and also ensure that the UK will not unfairly subsidise its industry.

What if the UK does not comply? Then its no FTA, which will hurt the UK 5 times more than it will the EU.

Posted on 2/4/18 | 11:07 PM CET

wow

Posted on 2/5/18 | 4:19 AM CET

Priscilla du Bleu

@Douglas
“@Priscilla du Bleu

How is that superiority thing working out for you?”

Thanks to an excellent upbringing, very well, thank you for asking.

I don’t need to use faecal language and have wet dreams of being the half-sibling of a member of the upper class, and think of doing my gran in a wheelie-bin ….. that’s brekkie level.

My superiority permits me to enjoy more classy pleasures, very different from the brekkie-dregs :-D. Apparently.

Posted on 2/5/18 | 6:07 AM CET

wow

I didn;t post the clip above.

Also, sorry for the ‘fuzzy’ thinking like you guys SUBJECTIVE own-opinion nonsense but I listened to the bank of england chief Mark Carney (not known for ‘fuzziness’ where brexit is concerned):

Mark Carney: Banking sector could double in size in 25 years – BBC …
Mark Carney: Banking sector could double in size in 25 years. 3 August 2017 … Mark Carney told the Guardian the financial sector could be worth 20 times the UK’s economic output in 25 years.

GUARDIAN 3 Aug 2017 – The governor of the Bank of England has predicted that the financial sector could double in size to be 20 times as big as GDP within the next 25 years, but warned that the government must hold its nerve and resist pressure to water down regulation after Brexit.

Posted on 2/5/18 | 7:24 AM CET

wow

FT …..The chief executive of Deutsche Bank has questioned European efforts to grab a bigger share of the business of clearing interest rate derivatives, one of the biggest flashpoints for EU policymakers since the UK voted to leave the bloc.

John Cryan said there was “confusion” about the function of clearing in financial markets, adding that the number of jobs that will be affected by relocating the business from London to the EU had been overstated by a factor of a thousand. ‘

I love opinions from QUALIFIED people! As for you pro-EU guys on here. STOP LYING! Stick to facts and reputable newspapers (not politico it is not reputable). I’m sure you can find an expert to agree with you in a reputable paper/source… if you can’t then you’re LYING.

Posted on 2/5/18 | 7:28 AM CET

tpk

@Peter G

I am trying hard not to attack people on a personal level. So if this happens under my alias it’s not me.

Posted on 2/5/18 | 8:17 AM CET

wow

@JEJV

The Guardian, The BBC and The Financial Times, the Bank of ENgland and Deutsche Bank are propaganda! (they are ALL pro-EU)

Hahahahhahaaaaaaaaaaaaaaaaaaaa

I didn’t say anything: I quoted reputable sources which are quoting reputable people (Bank of England and chief of Deutsche Bank). Maybe write them a all strong letter and they can throw it in the bin?

Cherrio chaps.

Posted on 2/5/18 | 10:51 AM CET

wow

@JEJV

Don’t like facts from reputable sources? Have childish hissy fit and throw your dummy out of the pram like @Jejv!

He’s always good for a laugh!

Posted on 2/5/18 | 10:53 AM CET

wow

@elena

you’re right! neither does Mark Carney the bank of england chief..he’ll be dead soon! (will he don’t think so) It’s all old fools you know….

Do the pro-EU ever porvide proof for any of the nonsense that comes out of their mouths? NO it is just insults that is all they have.

GUARDIAN 3 Aug 2017 – The governor of the Bank of England has predicted that the financial sector could double in size to be 20 times as big as GDP within the next 25 years, but warned that the government must hold its nerve and resist pressure to water down regulation after Brexit.

I didn;t post the last @wow comment.

cheerio now

Posted on 2/5/18 | 2:08 PM CET

Alex T

@Eelena adaal

“All old unemployed or pensioners who cannot think straight. A nation of ‘Mind Duffers’ who will soon to be extinct.”

You don’t know what you’re talking about. I know plenty of people who voted Leave and a lot of them are in their 30s and 40s. So dream on with your warped uninformed view of reality.